Basware Corporation has signed an agreement to sell its Financial Performance Solutions and Banking businesses to Verdane Capital, an active owner of technology-enabled growth companies in Northern Europe.

The combined sale price of the two businesses is approximately EUR 35.0 million, subject to certain adjustments. In 2017, the net sales of the business operations agreed to be sold were approximately EUR 15 million and direct carved out costs approximately EUR 7 million.

The transaction is expected to be completed as soon as possible in the first quarter of 2018. There are no conditions precedents for transaction closing. The transaction price will be paid in cash in connection with the closing of the transaction. 95 employees will be transferred to the buyer.

Vesa Tykkylainen, CEO, Basware Corporation:“The sale is aligned with our cloud-focused global growth strategy. Financial Performance Solutions and Banking have been part of our heritage and we are proud of the solutions. However, they have been primarily Finland specific non-cloud businesses and are thus not aligned with our strategy. The disposal enables us to simplify and focus our energy and attention fully on our high growing cloud business.”